POSCO Group will establish a global trade policy team directly under the chairman to enhance the group’s response capability to the rapidly changing domestic and international trade environment. The assessment criteria for the chairman's third term have also been raised.
The group's holding company, POSCO Holdings, noted on the 20th that it will establish a global trade policy team under Chairman Jang In-hwa. Kim Kyung-han, deputy minister of communications at POSCO Holdings, will lead the team.
The establishment of a separate trade organization at the group level is due to a backlog of trade issues following the onset of the tariff war after the inauguration of U.S. President Donald Trump’s second term. Until now, trade issues related to steel were handled by POSCO's trade and commerce office. The group’s global trade policy team plans to respond to all trade issues, including new businesses such as secondary batteries and energy materials.
POSCO Holdings said it will establish a global trade policy team directly under the chairman to strengthen the group's trade control tower function in order to effectively respond to the rapidly changing domestic and international trade environment and policy changes.
On the same day, POSCO Holdings held its 57th regular shareholders' meeting at the POSCO Center in Seoul, where it voted on amendments to its articles of incorporation, including strengthening the requirements for the chairman's third term. Previously, for re-election after a chairman’s term, approval from more than half of the total shareholders was required, but moving forward, more than two-thirds will be necessary.
POSCO Holdings explained that the adjustments are made to enhance the verification of re-election qualifications from a shareholder perspective and to strengthen the perception that the chairman was appointed based on strong support from shareholders.
At the meeting, Lee Joo-tae, head of future strategy, and Cheon Seong-rae, head of business synergy, were appointed as new internal directors. Kim Gi-soo, head of the Future Technology Research Institute (the group's chief technology officer), was reappointed as an internal director. External directors Son Sung-kyu, a professor at Yonsei University Business School, and Yoo Jin-young, CEO of Angel Six Plus, were also reappointed.
After the shareholders' meeting, the board of directors of POSCO Holdings appointed Kwon Tae-kyun, an external director, as the board chairman. Chairman Kwon is a finance and investment expert who has served as the director of the Trade and Investment Bureau at the Ministry of Knowledge Economy, the Commissioner of the Public Procurement Service, and the Ambassador to the United Arab Emirates.
The shareholders' meeting also approved the 2024 financial statements and the limit on directors' compensation. With the approval of a year-end dividend of 2,500 won from last year, the annual per-share dividend for 2024 was finalized at 10,000 won.
POSCO Holdings plans to gradually retire 6% of its total issued shares, corresponding to treasury shares, over the next three years for the purpose of enhancing shareholder value. New treasuries acquired will be retired immediately, except for those utilized for employee purposes. Last July, 2% of treasury shares were retired, and approximately 100 billion won of new treasury shares were bought in the market before being immediately retired. POSCO Holdings plans to retire an additional 2% of treasury shares on the 31st.
Chairman Jang noted that he will strengthen the technological competitiveness of core businesses. He stated, "POSCO Group will establish a long-term growth structure and generate robust profits through enhancing the intrinsic competitiveness of core businesses, such as reinforcing and optimally utilizing steel facilities, generating overseas growth investment results, and preemptively securing high-quality lithium resources." He also emphasized, "Through continuous restructuring, we will enhance capital efficiency and strive to improve management performance and increase shareholder value." Furthermore, he stressed the absolute superiority of technology, which is central to the competitiveness of POSCO Group, stating that the company will develop unique superior-gap technologies and stabilize the operational site with safety as the top priority.